Notice: During the Coronovirus outbreak, properties will be offered via Online Auction platforms by the auctioneers, with internet bidding along with Proxy and Telephone Bidding. Full information will be provided by the individual auction houses. READ MORE

Buyers adapting to the convenience of online property auctions

Heralding the latest success of Network Auctions’ July 15th online sale, which achieved an 82% success rate and raised £2,295,200, Toby Limbrick, director at Network Auctions said, ‘Online is proving its viability.’

‘Before Covid-19, online was starting to take hold, but now with buyers unable to travel to the auction room, we’re seeing a continued upsurge and also a preference for this method of auction.’

‘Buyers enjoy the convenience of being able to bid online. In our recent sale we saw 394 individual bids – an average of 18 bids per lot sold. This also works well when the properties are geographically spread, we offered lots in Dundee to Exeter.’

Land lots proved particularly popular with an 18.82-acre freehold plot in Caversham, Reading comprising highways, paths, verges and numerous parcels of land selling for almost 200% more than it’s lower guide of £35,000 achieving £104,250. A freehold residential development site with outline planning for 4 x detached dwellings in Woore, Cheshire sold for £202,500 against a guide of £150,000.

Limbrick said, ‘The virus has ushered in changes which were already in the offing and are now bearing fruit. People continue to want to invest and we are providing the tools for them to be able to do that.’